BUSINESS

COMPREHENSIVE SOCIAL SECURITY SYSTEM IMPORTANT TO PREPARE FOR UNFORESEEN DISASTERS

23/09/2021 03:54 PM

KUALA LUMPUR, Sept 23  -- Khazanah Research Institute (KRI) believes that a comprehensive, dynamic and sustainable social system should be established as the basic bulwark of the society, especially in the face of unforeseen disasters.

KRI chairman Tan Sri Nor Mohamed Yakcop said the lifelong protection approach should be emphasised so that a comfortable standard of living is available from conception until retirement.

"As the country progresses, the function of the social protection system must go beyond poverty relief and the provision of necessities,” he said in his speech at the virtual launch of KRI’s report, titled ‘Breaking the Storm: Towards Social Protection Inclusion in Malaysia’ today.

He emphasised that the system should also be able to increase the people’s resilience, thus enabling them to weather the storms of life that can affect their well-being.

He said the COVID-19 crisis had exposed gaps in the country’s social protection security system and had left some people trapped in the shackles of poverty.

“It can be said that Malaysia's social protection system has moved in line with the needs of the country as a developing nation.

“However, the gap in terms of coverage and sufficiency of aid value remains a serious problem," he said.

He had also highlighted that most social welfare programmes are short-term in nature and are not based on commitments from the legal aspect and strong financial resources; resulting in programmes that are unsustainable, inconsistent and overlapping, as well as benefits that are insufficient and uncertain.

“Social protection institutions such as the Social Security Organisation and the Employees Provident Fund have been expeditious in channelling aid during the current crisis.

"Nevertheless, in terms of coverage for schemes which are in the form of social insurance, most of them are still limited to formal sector employees who are depositors," he added.

The KRI report recommends the consideration of several key policies, including investing in the universal benefit for children; expanding the social insurance schemes’ mandatory coverage for residents of working age; and introducing social insurance pensions for the elderly.

He said the main objective of the report was to initiate discussions on the social protection system and subsequently, for the country to create a social protection system structure that would optimise the potential of every Malaysian, regardless of race, religion or status.

"My hope is that this KRI report will contribute to positive changes towards building a stronger and more equitable society, as well as ensuring the health, comfort and well-being of every Malaysian," he added.

-- BERNAMA

 

 


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